What does P2E Projects Mean in NFT? Best Play-To-Earn Crypto Games & Projects To Watch in 2022
You don’t have to be a hardcore gamer to hear about a new buzzword in the digital economy oriented towards the gaming hubs — P2E. This term is an acronym referring to the play-to-earn concept and is one of the most popular trends in the gaming and gambling sectors.
All of the P2E games are based on blockchain technologies, and due to its model, many individuals can earn money while playing. Finally, after years and years of playing just out of passion, anyone who is serious about their video games can get actual financial benefits in return for all the time, skills, knowledge, and effort they invest in their favorite games.
In a way, the entire online gaming industry is in the midst of a revolution as these emerging technologies offer new game methods. Not to mention that with play-to-earn games, the entire industry will experience more growth and popularity. Many people have already started using P2Es as their second income source, while a lesser number of these passionate gamers have converted it into their only income.
Play to Earn
P2E or play-to-earn games depend on blockchain technology to provide support to their existing ecosystem and give users access to in-game tokens (currency and items), which have real value in and outside the game. This is done through cryptocurrencies, decentralized marketplaces, and non-fungible tokens or NFTs. In the play-to-earn concept, every move a player makes inside the game can be rewarded, from participating in quests or battles to breeding new creatures.
All of such elements are featured in the game as Non-Fungible Tokens. For instance, if a player wants to create a new avatar, they can mint a new token, and later sell or trade it in an open NFT marketplace. The great thing about these non-fungible tokens is that they can be easily exchanged for cryptocurrencies, and then traded for hard cash.
Each transaction takes place in the blockchain, both ownership and authenticity of in-game items can be verified easily. Blockchain makes it easier to move these in-game items between numerous games and metaverces. This provides the player with an innovative opportunity to monetize their collection.
Earning in P2E
Players across the world are already making some serious money with the P2E projects. Overall, several methods have become most common among them. Many players are earning crypto through gameplay by collecting game assets while playing and participating in tasks, contests, competitions, and other activities for which they are rewarded. With more time spent on enhancing the character or creature, the player will probably hire better in the game they are playing.
Another common way to earn with P2E projects is by earning or selling in-game assets as NFTs. Play-to-earn games allow players not only to monetize their gaming skills but also to create their original content in a form of non-fungible tokens and sell them on decentralized markets. Players can sell almost anything, from creatures and skins to virtual land and add-ons.
The third popular way to earn with P2E is by earning crypto as a result of the investment. Some in-game assets have already become incredibly popular, which skyrockets their prices. Consequently, many non-fungible tokens became financial assets mirroring physical-world assets. This is constantly attracting investors to P2E and it also resulted in guilds, platforms helping players access in-game objects and lend them out for a share of the profit made.
Those interested in getting started with P2E will find numerous quality platforms where they will be able to monetize their gaming work in mentioned ways. However, as a relatively new field, it would be best to first learn the industry inside and out and start following the latest news from the industry before you invest too much of your time.
P2E Examples
There are already numerous P2E projects that are allowing gamers to earn a significant amount of money. One of them is Decentraland, a decentralized and online VR game platform, which was launched in 2017 and is very similar to one of the classics, the Second Life game. The most obvious difference between these two P2Es is that Second Life wasn’t built on the Ethereum blockchain.
Decentraland enables its users to purchase virtual assets and make them grow as an online virtual business. For instance, building buildings or attractions on virtual land and earning money or selling to others is one of the ways to monetize your gaming experience.
Another great P2E example is Axie Infinity, which was inspired by the Pokémon game series. In this P2E, players can earn $ETH when farming $SLP tokens. With this game, you will be able to enjoy one of the best futuristic and farmer-based models, while also earning in various ways, including breeding rare Axies, smooth love portions, and AXS token staking.
A bit different from Axie Infinity, Spliterlands is a non-fungible token P2E game that owes its popularity to its highly intuitive gaming experience. This game is allowed by the effectiveness of the HIVE blockchain network and all players can easily trade their NFTs if they want to.
One of the most recent P2E games on the market, Sandbox is praised for the two-hit mobile game series, the version that was launched in 2011, and the Sandbox Evolution from 2016. Since the launch, the game has been downloaded an impressive number of times on different operating systems.
Another P2E games worth exploring are Wolf.Game, Alien Worlds, Farmers Worlds, Upland Me, DeFi Kingdoms, Bomb Crypto, and many more. Each of them offers a unique set of benefits to players who are seeking to earn money while playing.
What to Expect in the Future?
More gaming hubs are pushing toward this new trend. Many AAA video game studios are already developing Play-to-Earn games. KyberDyne, Phantom Galaxies, and others are just the beginning of major studios entering the P2E market. As players are becoming increasingly interested in monetizing their gaming and other aspects of it, companies in the online gaming industries have no choice to adapt. And with cryptocurrencies getting widely accepted across the world as well, it will be only a matter of time until the gaming industry completely changes for good.
People are seeking more interactive experiences and they wish to be rewarded when doing something well. Giving points and upgrading to another level simply doesn’t suffice anymore. The more interaction and innovation a game offers, the more interest it will raise among its audience.
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